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An indemnification agreement is a document that explains the risks associated with an activity and explains that when the form is signed, the participant is accepting that risk for themselves instead of assigning the risk to the activity provider.
An indemnfication agreement transfers risk from one party to another party. For instance, if you visit an amusement park that has a bungee jumping exhibit and you want to bungee jump, you sign a form that says you understand there are risks involved and you agree not to hold that company liable if you are hurt. That is a transfer of risk because you are assuming the risk. An indemnification agreement explains that certain risks exist with an activity and if you participate in it, you are assuming the risk and that the provider of the activity shouldn't be held legally responsible if you are hurt.
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Alternate Names:
An indemnification agreement is used to explain the risks associated with an activity and that by signing the form, the company or individual providing the activity shouldn't be held legally responsible for an injury to the participant. In short, it provides a transfer of risk to the participant.
You should use an indemnification agreement to transfer risk to activity participants if you are a business or person who is involved in sports, extreme sports or activities, or in an activity of some sort that could injure participants.
Martial arts gym owners, fitness gym owners, personal trainers, extreme sport companies, cross-fit gym owners, gymnastics trainers, and sports organizations should all use indemnification agreements to minimize legal liability in the event that someone is hurt while participating in the activity.
Is an indemnification agreement the same thing as a hold harmless agreement?
While it depends on the content of both documents, they are both usually designed to transfer risk. The key is to make sure that participants understand that there are risks involved and that by participating, they are assuming their own risk.